Glatfelter moving headquarters from York to Charlotte

24.02.2020 − 

P.H. Glatfelter intends to move its headquarters from York, Pennsylvania to Charlotte, North Carolina starting in mid-2020. The move is to take place in several phases over a two to three-year period and cost approximately US$6m. During the transition period, the firm will keep a variety of administrative functions in York and continue employing about half of its recent workforce of 70 people there. Glatfelter said that it is making this decision because North Carolina had better transport ties, was near other non-woven manufacturers and had better opportunities for recruiting employees. The company has no longer had a manufacturing site in Pennsylvania since selling its Speciality Paper business unit at the end of October.

This divestment made a significant dent into last year’s earnings due to special effects, especially extraordinary charges of US$75.3m for the settlement of pension liabilities. All told, extraordinary charges reached US$89.4m. Even though revenues increased to US$927.7m and operating profits doubled to US$54.9m, a loss of US$25.2m was booked from continuing operations. Earnings from discontinued activities were even back in positive territory at US$3.7m. The group as a whole posted a net loss of -US$21.5m. Restructuring measures announced the start of January for its Composite Fibers business unit (CFBU), which included concentrating metallised paper production at its location in Caerphilly, Wales, shedding about 100 jobs at its site in Gernsbach, Germany and eliminating a shift at its facility in Dresden, Germany, which specialises in making wallpaper, will also incur exceptional charges this year.

Its Composite Fibers business unit’s sales fell 7.2% to 133,473 tonnes last year. This figure breaks down into 31,529 tonnes in the first quarter, 34,523 tonnes in the second quarter, 33,394 tonnes in the third quarter and 34,027 tonnes in the fourth quarter. Total revenues softened 6.0% to US$521.7m (Q1: US$128.7m, Q2: US$132.6m, Q3: US$127.7m, Q4: US$132.7m). Operating profits were marginally lower than last year at US$47.9m.

Tags of this news:

previous − Ahlstrom-Munksjö Decor enjoys stronger demand

Decor paper manufacturers want to run down inventories  − next